IFC enters into share-sale agreement with Fiji’s super fund

International Finance Corporation (IFC), a member of the World Bank Group, entered a share sale agreement to divest 22.8 million shares which IFC owns in Bank South Pacific Ltd (BSP) to Fiji National Provident Fund (FNPF).
The agreement was entered into on Monday.
BSP, in a market release, said as Fiji’s sovereign superannuation fund, FNPF was a major investor across Fiji and one of the country’s largest property owners.
“From International Finance Corporation’s initial equity investment in BSP in 2010 with
45.6 million shares, IFC has had a very successful investment and is extremely pleased with its positive outcome.
“BSP is the largest bank in PNG and the largest bank in the Pacific region,” BSP group chairman
Sir Kostas Constantinou said.
“IFC continues to hold a minority equity stake in BSP and provides multiple financing facilities to support BSP’s expansion across Pacific and overseas.”